Gold consolidating recent losses to 10-month low

Gold showed little movement on Thursday and was confined in a narrow trading range, as investors awaited a slew of US economic releases. 

Currently hovering around $1131-32 region, thin market liquidity conditions, ahead of Christmas holiday, has led to the dull price-action around the precious metal. Meanwhile, the ongoing mild profit-taking slide around the US Dollar seems to be lending some support. Moreover, cautious opening in European equity markets also seems to be supporting the metal's safe-haven appeal, albeit has failed to assist any meaningful recovery from over 10-month lows touched in the aftermath of hawkish Fed outlook for 2017.

The US economic docket will continue to grab investors' attention on Thursday and might provide some short-term trading opportunities during early NA session. Important US macro releases, slated for release on Thursday, include - the final GDP growth number for Q3 2016, durable goods order for November, personal income / spending data along with the Fed's preferred inflation gauge - core PCE price index for the month of November. 

Today's US economic data would be looked upon for fresh impetus for the greenback and eventually drive dollar-denominated commodities - like gold.

Technical levels to watch

From current levels, momentum above $1135 level could get extended towards $1140 resistance area above which a fresh bout of short-covering could lift the commodity above $1150 resistance towards $1158-60 strong hurdle. On the downside, the metal might continue to find support near $1125 level, which if broken decisively should accelerate the fall towards $1110 support, en-route $1100 psychological mark.